Topic: The Central Bank of Facebook - page 3. (Read 6479 times)

Facebook's standard approach when faced with a competitor is either a) buy it and make it a part of the Facebook empire, or b) steal the tech and grind the competitor into the dirt.

They can't buy control of bitcoin... (surely even FB wouldn't try to 51% it)

Open source is great so long as the people using it are great. This could turn into a big battle of centralised vs decentralised. Oh, I forgot - Libra will be decentralised and administered by Facebook the "independent" Libra Association. Hahahahahaha.

Our best hope against Libra is governments waking up and understanding that FB wants to rule the world, and then finally having the guts to legislate against what this company is doing. Would that hurt bitcoin and the rest of crypto? Difficult to say.

Libra coin is just like another PayPal and that’s just how it is. It is mainly for transaction and it is not going to be like Bitcoin, because it’s not going to be volatile, it’s just going to be another stable coin. I have already seen a lot of big names jumping on it… but it wouldn’t like Bitcoin, it’s a whole different Bitcoin. The way I see it I might even make use of it, it’s not going to be of any use to me since I can make use of PayPal to send money to others so what’s the need for it? Unless maybe it will be important to those places where PayPal is not available, they can use it to send and receive money and also get paid online, cause lots of company are likely to accept it.

FACEBOOK LIBRA WILL ACCELERATE THE LOSS OF CREDIBILITY OF CENTRAL BANKS

in addition to competing with the traditional banking sector, Libra risks accelerating the loss of credibility of central banks. Because this time, it is not just about new payment services, but a new international currency in its own right.

Indeed, the Libra will be what is called a stablecoin, i.e. a stable cryptocurrency because it is based on a basket of several major international currencies (dollar, euro, pound sterling, undoubtedly yen and yuan). This stability is an essential difference with bitcoin, whose high price volatility discourages many users.

With nearly 3 billion members, Facebook (as well as its subsidiaries Whatsapp and Instagram) has a strike force that no company has ever before had in history. As a result, its cryptocurrency can compete with the world's sovereign currencies.

Emerging countries with an inflationary currency and exchange controls can legitimately see Libra as a direct competitor. Their population will have an interest in switching to the new currency to free themselves from the inflation that is eating away at their savings. Central banks in emerging countries must be seriously concerned and it is to be expected that many of them will simply want to ban it.

https://www.goldbroker.com/news/facebook-libra-will-accelerate-the-loss-of-credibility-of-central-banks-1570

I see other platform also joining the race too, because presently, everyone wants to explore the trending blockchain technology and time will come when people will see platforms that are not running on blockchain or having a relationship with blockchain technology as obsolete.

Remember that Facebook too was once against cryptocurrency by banning lots of projects that are posting cryptocurrency adverts on their page, but who would imagine that they will also make a U-turn one day to join the industry to the extent of trying to create one of the biggest altcoins we can ever have in the cryptocurrency world aside bitcoin. Take it or leave it, if Facebook coin scales too, then I see all other coins hype dyeing and being forgotten.

I think people would choose facebooks coin very easily, it would be loved, it would be worshiped and used insanely, look at what venmo managed to do and they are not remotely close to facebook at all. The difference is crypto people wouldn't see it as a good thing, we may not like it but a regular Joe could potentially love the idea.

You are looking at it from the face value and how it is centralized and how it is controlling the data of your spending and all of that jazz we got to know but they are not looking at it that way, they are looking at it "I can just whatsapp you 50 bucks" type of deal and lets be honest that is quite cool to have that type of power compared to how hard it is to send 50 bucks globally in any normal way. So, don't get your hopes up about people not liking facebook, they will probably love it.

That is what I'm wondering about with Facebook. They say they are not a threat to Bitcoin, as it is a STAKE coin linked

to USD/Gold and other currencies, (probably not crypto). So the folk running the nodes at $10 million a pop make all the

$$$ for the transaction fees. (let us call it 1% but that is likely too high). Facebook, supposedly, being 'hands off' on this

Libra coin thru 3rd parties, gets its revenue and $$$ from the even more personal data they can collect on your spending

habits and of course use that, even more, metadata, to target you with their usual revenue stream of ad's, etc.

0K. Now let us say some time passes and this all above is working. People have their bank accounts via Facebook linked

to get Libracoin for quick and easy purchases via Facebook/Paypal/Amazon/eBay, etc. Worldwide indeed. The node runners

are making bucko bucks, Facebook knows even more about what you are likely to buy, likely better at guessing than you are.

What I don't understand is the idea that this Libra 'eventually' will NOT be a threat to Bitcoin everyone claims?

Really, the centralization of power/money and influence is well documented by History. Would not Facebook, as a centralized

coin they can change at a whim not make a Libra 2.0 or even a different coin and try to make it the replacement store of value

that Bitcoin has now? See, they will say, we are centralized it is working just dandy, trust us.

Then using the analogy above of, historically, the centralization of power/money and influence would they not chip away with

such twisting government regulations to stifle these 'pesky' open source coins, like Bitcoin and Litecoin, etc?

Not saying it would work, but I'd bet crypto of any flavor, once established they will try, count on it.

As being complete masters of the centralized coin, it would not be an issue to change the protocol or indeed as I said above

make a Libra Gold that acts like Bitcoin and is a store of value.

Anyway, this is unlikely to be the case, with 10 years of Bitcoin and open source in the world, but again, I'll bet you right now

once Libra is established and even 'moderately' successful, they will make a run at Bitcoin in some manner to knock it down.

So to me, it comes down to 1) when will they make their play, if they get settled and established with Libra say in a year or so.

2) how they will use their power and influence with the many partners running NODES for facebook involved, to regulate and

try to trip up Bitcoin.

If as everyone on this forum claims that Bitcoin is going to change the world, turn finance upside down, well, there is 'always'

pushback and this is what I see on the horizon. Again, don't think it will work, but I'm damn sure Facebook and others are

going to try and topple Bitcoin as a 'store of value' someday. Indeed, count on it.

Anyway, my guess at the future of this Facebook experiment and this Libra coin.

Brad

Government will do all their best not to lose control especially when its already dealing with money involvements, they need to make sure that this kind of act will be in their hands before even started, urging the owner of Facebook only showed that they will not allow this to facilitate without their authorizations, centralize cryptocurrency that will be built under the government umbrella.

And the banks as well as the powerful governments are cringing at the thought of this actually taking place in the world. They are now afraid that they will eventually be losing hold of their once powerful positions. They are now trying to stop the advancement of this plan. They have been busy trying to discredit this very powerful plan. It is exciting to see developments on this in the following months. This is a huge battle for sure.

Hope people read this.

There are a lot of people thinking that Libra will be another currency, another project wherein people can join their projects through their Bounty Campaigns and earn themselves some of it and sell it when it has a good price.

What exactly is the use-value of Libra supposed to be anyway?? Just a "borderless" currency?

That's certainly true, mate. Most people don't seem to care about decentralization these days. All they care about is how to make money with cryptocurrency. As such, every crypto project which claims to be the next big thing would gather the attention of mainstream people. Facebook's Libra coin may be centralized, but most people are only looking its future prospects and how they could make money with it. Of course, the social network giant has undergone a bad reputation because of its privacy violations among its users.

But, I believe that many people will join Libra despite these facts. Comparing Libra against other established cryptocurrencies like Bitcoin and Ethereum, it doesn't stand a chance. It all comes down to whenever Libra could remain sustainable and censorship-resistant for the foreseeable future. Right now, many governments are questioning the implications of Facebook's Libra cryptocurrency, which makes it hard to believe that it'll survive in the long run. Governments and central banks will become Facebook's biggest threat, as they prevent Libra from becoming a widely-used cryptocurrency within the mainstream world.

Nonetheless, if Libra becomes a success, then Facebook would become the world's next-generation central bank. Which means, that they'll gain control over the economy like never before tracking its users every step of the way. In effect, there will be no privacy and governments could easily restrict/approve people's transactions at will. Hence, everything will become worst than existent credit cards and physical Fiat currency. Just my thoughts

Of course not! USA will not probably let libra ruin the usd. Specially, that Trump is a businessman. He has something to do in regards with USA`s economy. He will never let a free enterprise destroy the usd in just a few time. Looks like libra is a threat in all forms of currency. I don`t know if they are really threatened by Libra. I guess that libra will just be a hyped. It may die soon or become stable once it suffers in inconvenience. Just like all coins that drop in the market.

Right, US lawmakers are really very giving Zuckerberg a hard time because they are afraid or at least wanted to scrutinise what this Libra will offer to the public. But I don't think there will be central bank of Twitter or other social media giant. Facebook is very different though and I don't think that other social media will follow that path. They supposed to be a platform only, and not design to compete with the current centralised payment systems.

Just still issues about Libra become cryptocurrency and there are nothing show us about the Libra team and how they will develop for build Libra coins, maybe they want to created something to make many people interested.

That's not the point Gaulois.
The question was, will Govs block Libra or not.
You say yes, I say no, and explained why


As per Whitepaper, Libracoins will be backed by the major currencies and by gov bonds of countries "known for their financial stability".
Let's say, 1 Libracoin = 1$
It works like this:

Gaulois buys 1LC for $1 --> Libra's management buys $1 of currencies and Gov bonds --> 1 LC get issued to Gaulois.
Will Libra's management buy 0,5 $ and 0,5 Treasuries?
0,3 €, 0,3 $, 0,3 German bonds, and 0,1 Treasuries?
0,2 Yen, 0,2 Japanese bonds, 0,4 French bonds, 0,2 Euros?
Libra's management will decide.

Point is, with your $1 they will buy a basket composed of currencies and Gov bonds.
With a portion of your $1 they will finance some Govs.

The countries debt doesn't get reduced, it get financed.

It wasn't done a decade ago because a project like Libra didn't exist a decade ago.


Most EU countries are hunting FB because they don't get any money out of it.
Up until now, FB taxes --> USA.

Did you think EU Govs care about the rights of their citizens?


Yes, as long as they will get assured that Libra will finance them in a substantial way.

Social networks compete with each other, so I suppose that in the future we will see the "central bank" of Twitter or another popular platform that is widely used by people from all over the world. I recently heard that U.S. lawmakers urge Zuckerberg to cease developing Libracoin until they scrutinize this new issue and decide how to regulate such a centralized "crypto currency" that is based on a platform which is visited daily by millions of potential customers. Undoubtedly, governments do not want to lose control over payment systems.

I'm not that familiar with Libra and how it would be operated so i really find this topic helpful. I'm rather curious as to what kind of businesses will compose of the facebook consortium that you speak of. I know that there are some who will test out libra when it is officially released, but really it is not that different from fiat money, the only thing that distinguishes both of them from one another is how it would circulate. It is true that librs is not a cryptocurrency but rather a digital currency that will be administrated by facebook. There are a number of benefits when it comes to using libra as it would be regulated and governed by a single entity, transactions will be fast and simple.

People here understand what's going on but they are targeting massive adoption of their "cryptocurrency" via their FB platform. And most of the people that are currently using FB have no idea the real deal behind it. But the exposure of this project can be done easily now because of the social media channels. People need to be informed of this coming libra coin and what it will do to their lives. It needs to be exposed in the public eye.

Deserves some merit guys.  

It aint just a story, fiction or an imaginary thing.
It is the real deal. He just saw it.
I just hope many does and be reached by this statement. Mostly it will be newbies of crypto currencies which be the victim of the act of Mark the Libra. But to those who have been in this forum and had opened eyes, it will be nothing more than another online version of USD.

We have to reach out some people whatever possible act we can have. Just so to give them a warning.
Let them see the real light.

The funny thing might be that Libra is more stable for many parts of the world, as it will be a balanced basket of international currencies.   Where as most prices are based off something backed by US dollar which of course is subject to the continually revolving 4 year cycle of politics and promises to spend more on fiscal budgets then can be repaid, hence the value is continually dropping in real terms.
    If people held Libra instead for even quite small amounts of (regular) spending for digital commerce it could be very influential on the scale of billions of people who use Facebook.   I would like to see a shake up, some surprise and change occurring to what is a biased frankly broken 1 currency global reserve system we are all leaning on right now.